HMRC expected to raise £3.89 billion from Inheritance Tax

The Treasury expect to bring in an extra £400million in Inheritance Tax (IHT) when compared to last year, according to figures released by the HM Revenue & Customs (HMRC). This is despite the recent proposed changes in IHT, whereby the unused portion of the Nil Rate Band (currently £300,000) can be transferred between spouses/civil partners. In total the Treasury is expected to receive £3.89 billion from the tax – an increase of 10 per cent on the last financial year, with the average family affected having to hand over £111,000.

For advice on how to reduce the amount of IHT payable, contact The Will Centre on 01752 607040.